Today’s Prices
Grain markets finished higher today on some support from the outside markets and also some heat and dryness in Argentina.
Grain Market News
Russian Missile
Weekend reports from NATO says the missile traveled from Russia’s Black Sea fleet off the Crimea coast, came close to Romania but never crossed over Romania air space.
Grain Market News
Observed Surface High Temps
The Argentina growing region was in the 100s across virtually the entire area yesterday.
Argentina Radar
This shows the rains developing in southern Argentina, nothing exceptionally heavy.
If they hold together as they move northward a good share of the crop region could get a good shot of rain.
Storm Path Rainfall Accumulation
This map shows the rainfall expected over the next 48 hours.
You can see that Argentina is expecting good rains, an inch plus in the west and southwest with lighter rains to the northeast.
Portions of southern Brazil that have been dry are expecting some rains as well.
U.S. Corn: Monthly Ending Stocks
U.S. Corn Ending Stocks
U.S. Soybeans: Monthly Ending Stocks
U.S. Soybean Ending Stocks
U.S. Wheat: Monthly Ending Stocks
U.S. Wheat Ending Stocks
March Corn Chart
Corn prices did have an outside day up,
Our intermediate term trend is pointed upward and that’s within the longer-term sideways trend in place since August.
It will be interesting to see if corn prices can break out above the highs we’ve seen in the 6.85-6.88 range.
Today we traded as high as 6.86 and closed at 6.85.
March Soybean Chart
Soybean prices also pushing higher today, in fact soybeans pushed above the highs posted back in January at 15.48.
Today’s high at 15.55, unfortunately we closed at 15.42.
Soybeans do remain in an intermediate uptrend off the harvest lows in October.
March KC Wheat Chart
Wheat prices made a new high for the move to 9.16.
We broke out above all major moving averages and above the previous high at 8.94.
Technical indicators are overbought which could create some setbacks.
Initial chart support at 8.94 with further chart support at the moving averages.
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